tv Boom Bust RT November 15, 2017 8:30am-9:01am EST
we have always done with all our applications leaders in lebanon are fearing the qatar style crisis if the country doesn't abide by demands from saudi arabia the concerns follow lebanon's prime lebanon's prime minister stepping down earlier in november and what was widely seen as a result of pressure from the saudi government on sunday he warned of possible sanctions if hezbollah the main political power in levanon doesn't stop meddling in conflicts like the yemen civil war an estimated four hundred thousand lebanese people work in the gulf region which brings nearly seventy eight billion dollars a year in remittances back to lebanon and therefore any sort of blockade is imposed lebanon's economy could be in big trouble and bankers think it could create a situation much worse than cathars and for a quick markets update the new york stock exchange closed down thirty points or twenty three for zero nine on crude oil brant crude closed down to sixty one ninety nine while west texas intermediate finished at fifty five fifty six the arc of that
spread between w. and brant has really been growing of late while for the most part of the year the spread has really been around five dollars but it's been growing since hurricane horribly to six dollars and today we see that it's about out six dollars and fifty cents you know that you know the big difference there is that the delivery point w.t.r. use and cushing oklahoma you know it's hundreds of miles away from the refineries that are along the gulf coast if you look at those refineries along the coast nora loans and used to mix the two of those prices are actually mirroring the international benchmark the brant price more we'll hear more from bianca later in the show thank you bianca. during last year's u.s. presidential election donald trump pledged to withdraw from the global private agreement known as the paris accord has continued to move down that road the very
large majority of world leaders however think mr trump is on the wrong side of not only environment but of history those world leaders are meeting in december in france the paris party host french emmanuelle mccrone has not seen fit to apparently invite president trump here to discuss it is one of the world's foremost energy and climate experts tyson slocum of public citizen tyson welcome it's great to have you here it's great to be here bart trouper you know it seems to me that not a lot of people even understand why we need to deal with climate change i mean what is it why is it a problem well actually not even the trump administration can deny how real it is because earlier this month the congressionally mandated national climate assessment came out and it showed conclusively that global warming is being caused by the burning of fossil fuels we've got higher than ever concentrations of carbon dioxide
and other greenhouse gases in the atmosphere that's playing a huge role and melting all of these all the horrible effects i mean you know famine and disease and rising sea levels and i don't rightly absolutely and so no one country can unilaterally address the crisis global climate change requires a global solution and so that's why for years the world has been meeting on a regular basis to try and hash out agreements to figure out how to collaborate together in order to address the climate crisis so at the end of the obama astray sion that was the paris agreement named because of the town in which it was negotiated and the thing about the paris agreement part is that it was too. totally non-binding you know right all it did was it said countries were going to come up with some sort of commitment to reduce greenhouse gas emissions over some period of time and there was going to be no third party binding enforcement of that as then
secretary of state john kerry said it would rely on naming and shaming meaning if countries failed to live up to the commitments under the paris agreement they would be shamed in public speaking of that you know who would be shamed the most to me who are the biggest polluters i mean the united states is one of them but who else while china is far and away the largest active greenhouse gas a mentor in the world then comes the united states and then india and then the combined european union and it is a big difference was that a big difference between emerging countries that you know might not have the resources to deal with it and in a global economic country like like the u.s. were those non-binding commitment tyson where those different levels of compliance for different countries every country had to come up with some sort of commitment and so in this sense the paris agreement differed very much from the kyoto protocol which only developed kind of the redirection right exactly which only developed
countries had to do emission reductions and it specifically exempted developing countries like china and india but again kyoto had binding agreements for those countries that that went into it again with paris there was no binding commitment so when donald trump and other members of his administration like scott pruett the administrator of the environmental protection agency said we need to withdraw from paris climate agreement because it's going to hurt jobs that was a bunch of nonsense because paris did not obligate the united states into anything it simply was a voluntary agreement between i think this was. just political at the the time. dealt with coal mining jobs you didn't want to do to support clean coal technology as opposed to climate change yeah i think so i mean when i look at a number of different trump initiatives i see him really catering towards some regional extractive industries sometimes alienating global multinationals like you
see god it is weird and so it's kind of this steve bannan strategy of going after certain types of demographics and certain geographic areas that appear to coincide with a regional extractive industries the fact of the matter is that trump is pursuing a losing strategy here because when you look at where the energy industry is moving it is moving towards de carbon ization because right now we're knoebels are increasingly the least cost option in the power generation sector and when you look at what's going on in the transportation sector there's a revolution going on right more and more countries and automakers are pledging to have all electric vehicles and when the electrification of the transportation sector is mirrored in matched with a renewable energy electric production sector you're going to have a dominance of renewables i mean i'm going to add that i know what respected leader
that i know in the country is saying do away with every single type of energy source of and we talk about the focus on renewables but the hydro and other things but we talk about it as a diversified energy portfolio it and certainly reducing that our carbon footprint makes some sense but we're trying to do it in a diversified way in a way that makes sense for consumers right yeah absolutely and if you look at what the obama distraction put together for our domestic climate agenda it really was framed around something that was called the clean power plan you know and that was obama's plan through the environmental protection agency to regulate greenhouse gas emissions from existing power plants. which is a big deal but when you look at the details of that clean power plan it to furred almost entirely to the states right all fifty states come up with their own plans and we talk about a bad right and you talk to you till executives and they were all like you know what we can work with this so trump is really diverging from where the mainstream
of the energy industry is on this and what he has done by threatening to withdraw us from the climate agreement now remember he can't technically do it until we go ahead and tell us about that so he says he's withdrawing and it was the bait whether he was actually going to stick to his word but he did in this case and is pulling out but what logistically does that mean what happens well because we already are a party to the agreement according to the details of that agreement we actually cannot technically withdraw for another four years so after another presidential election absolutely but of course was president trump can do and what he's going to be doing is just slow walking us is is not participating in things trying to derail things and so i think what you're going to see is an absence of u.s. leadership but let me ask you something though i mean is it beyond hope that others in the country california others will actually pick up the mantle and continue down
the road of reducing our carbon footprint that's a great point barton and that they have sort of yes is that state local and municipal officials as well as a host of companies are already filling in that vacuum left by president trump's withdrawal we just saw in this. small climate conference in bonn germany where a whole bunch of state officials along with lower government it's called sub national governments attended that and were pledging to other countries action on climate and so when you look at big states in terms of population and energy production and energy consumption states like california. new yorkers are saying we are going to be leading on addressing climate change and their states have already enacted or or are going to be enacting sweeping climate rules and so you're going to see that's going to a cascading effect a bunch of mayors of major u.s.
cities are doing the same thing and companies are doing it one of the biggest growth. of renewables has been in corporate procurement to go right where you've got not just the tech sector like apple and microsoft and google pledging to run all of their data centers on renewable energy but some of the old brick and mortar stores wal-mart i justified before congress last month wal-mart was was sitting next to me saying we're buying renewable energy not because it's the moral thing to do because it saves us money i mean well you know so it sort of for those that are really concerned about you know the global you know environment and climate control there's a lot of negatives but those are some positive things so thank you so much tyson slocum director of public citizens energy program and one of the world's real experts on climate change. time for al for a quick break but stick around hang with us because when we return we'll find out how corruption charges against saudi businesses and government leaders will affect
geopolitics and oil prices plus we'll examine what president donald trump accomplished or maybe didn't so much on his asian tour as we go to break here are the numbers at the closing bell. kind of financials along today with about money laundering first to visit this cash in just a different. this is a good start well we have our three banks all set up here maybe something in your something in america something overseas in the cayman islands it will pull these banks are complicit in their tough talk or suit this up to give much gold and say hey i'm ready to do some serious moon ok let's see how we did well we've got a nice luxury watch for max and for stacy oh beautiful jewelry how about. luxury item bill again from that you know what money laundering is highly illegal thank
you so much guys of course. yes. but. good. luck. let it. be does she don't consume jail you've been talking to a little joke dealing with this thing i'm done forcing in that are equal to changes my son and what he calls the stance me going to condone his will don't be done should only live the way that to those off putting in as his own is
according to the department of justice r t the channel you're watching now is an agent of a foreign even hostile power all the while the d.o.j. refuses to explain why this is the case critics warn r.t. is a test case for a wider campaign of media suppression. it's the saudi shake up after a government officials and business leaders were rounded up and arrested related to corporate corruption charges there's a sense of unease how might that impact geopolitics oil prices and some of the long awaited social reforms in the saudi arabian kingdom let's bring in jerrold selenski founder of the trends research institute jerrold welcome oh thank you you know has
the dust really settled on this thing that took place less than two weeks ago in saudi arabia where everybody was rounded up and arrested. no this is as we see it this is just the beginning of the for all of the house of. cards right there it's the saudi house that's collapsing you know it seems to me that there's three really sort of key things that people are looking at whether or not they're still on these there's oil there is the saudi aramco sale and then there are these social social reforms let's take of them wanted to time you know how might this sort of whatever the moving shifts in the sand in the desert over there occur and how might it impact oil and the upcoming opec meeting well they need to bring oil price design in as we're speaking oil prices are going down and they had about a two and a half year high and mainly because of the cuts from opec the one point eight
million dollars a barrel along with russia but now more supplies coming back up it's a very simple equation the higher the prices go the more production comes online and you're seeing in the u.s. with the rig count going up in production going up so it's very important that they come to some kind of agreement to not only keep the one point eight million barrels a day cut but they're probably going to have to expand it is well real quick so before we get to a ram code jerald so i mean it took a long time because that agreement was initially you know panned i guess last december the cut went into effect in january and really prices stayed pretty low i think they were something like fifty two dollars a barrel last year and they've gone all the way down to forty five so they are up
a little bit at. fifty five and brant sixty one or sixty two but i mean they have had an impact but it's taken quite a long time right. yes that's what i'm saying that have to do a lot more a lot bigger cuts and that doesn't seem possible because we're also looking at new estimates coming out and they're saying now that there's going to be lower demand for oil because of china's economic growth isn't what it was expected to be and also people talking about warmer temperatures where so it is even less supply and less demand rather they're going to have to do a lot more to cut supply. do you think they'll be able to keep the band together jerald opec and russia the other countries that were part of this production cup can that can they all stick together well even though there's a lot of destabilization calling a rod you know declaring saying iran declared war. bahrain saying
that iran blew up their pipeline you know when it comes to the bottom line they're all going to agree we believe because their economies are dependent on oil so the bottom line is they're going to do what they can will it be enough probably not to really raise oil prices above the sixty five dollars a barrel level which a lot of them need yeah i mean and saudi arabia as sort of the ringleader here i mean they've got the you know flat growth they've got like a twelve percent unemployment rate so they may need this more than others in that regard let's talk saudi aramco arguably one of the largest companies in the universe and they've talked about selling off part of that five percent of it to initial public offering sometime next year do you think investors are going to be looking at this palace surge in the shake up that's been going on and are they
going to be a little bit more on the easy as this i.p.o. either comes to fruition or not. there's no question there's a lot of unease this is just the beginning of the palace coup it is everybody just going to lay down and take it now there's a lot of dissent going on in saudi arabia and we're only getting one side of the story so we have sui believe that people are going to hold back and to us this is a mark of desperation you know they're blowing it up like a lookout great you know we're putting our our greatest resource now into the private sector because we need the money in saudi arabia needs oil and you pointed out part the the problems that they're having economically they need oil at one hundred dollars a barrel to break even and this prince just loves to throw out the buzzwords to make everything look like it's going to be great like vision twenty thirty five hundred billion dollars city and you know now i'm going to take out a prized possession and go public with it you know it's sort of nutty in
a lot of regards i mean i understand why they're doing it it is only five five percent and when they do i.p.o.'s you know and you know president trump is urged to saudis to do it at the new york stock exchange rather than in london but when they do these things there's a lot of transparency required and i think some investors may they may not have a comfort level with the transparency but it's provided by saudi aramco last thing if we're running out of time jerrold what about these social reforms i mean you know they had toby keith there when president trump was there in may they had a jazz festival heck the blue man group has been there and they are talking about not talking about next summer they will allow women drivers are those important social reforms that are taking place in the kingdom. well this summer before it's mostly you know glitzy distraction i mean it's easiest one to go with you know and we're going to let women drive or you get
a lot of travel by themselves to someday you know. things again this prince is a prince of really knowing how to use the media and he does it well and he plays all the buzzwords and one of the things that you alert in the trends business be where are the buzzwords and that's where we see a lot of thank you gerald and you know just as a final note it before women get a driver's license they need to get approval from their male guardian so maybe changing the idea of having a male guardian guardian that would be a good reform thank you gerald we really appreciate you being with us one thing we know about the royal families and us we will never be royals we don't got that in us in our blood as they sing thank you jerrold thank you president trump's trip to asia has officially wrapped up ending with a summit in the philippines out of all the issues discussed between leaders it was trade that took center stage but with several deals in question what can we expect
from the u.s. moving forward boom bust bianca sheeny has more on that after spending almost two weeks torn asiad president trump is headed back to the u.s. before he left he made several positive comments calling the trip tremendously successful and he added that a lot was accomplished when it comes to trade tremendous amounts of we're going to receive. least three hundred billion dollars more to do what that will be i think we triple that number in a few. short. weeks leave. you. open which really what we want to. didn't get into further detail on what sort of work exactly was done on trade but he didn't get into specifics when talking about business deals ordering them to leave well you don't work with you do it when
you. look around the. ordering room. the reason they're like oh you speak to. someone you know. so plenty of questions remain about what lobel trade will look like under trump's administration at the end of last week it was announced that the remaining eleven countries included in the trans-pacific partnership agreed on a deal without the us it was also given a new name comprehensive and progressive agreement for trans-pacific partnership leaves the t t i p a nafta deals left which could pull the u.s. from with or without alternatives in a tweet on early tuesday trump said i will be making a major statement from the white house upon my return to d.c. time and date to be set but it remains unclear whether that statement will have anything to do with trade. you know bianca i had such a low bar for the president and he actually had
a pretty good trip but i'm wondering you know who may have had a better trip and that is was it president bush of trying to that's a good question i think some people would probably suggest that it was a better for him in that trying to came out stronger but i think in terms of the u.s. it's kind of hard to judge because. we haven't really seen a reaction in the u.s. to trump's trip over there we haven't heard anything from leaders on capitol hill or any sort of prominent leaders at all within government because there's so much uncertainty about what's going to happen with trade back in january when trump took us out of the t p p he said he would have an alternative but he has yet to provide that so if he does you know in his statement which is expected to come on wednesday or thursday actually. i developed an alternative that will be different and create a different scenario but right now there is just too much an unknown for anyone to really react and i'm really glad to see you know the boeing jobs but by and large you know there wasn't a huge deliverable i think it was more symbolism the substance but glad he did it
the relationships are important although we shouldn't expect that we're going to get some great trade deal just because he might be the big man on campus or the most popular guy in the student council where i am we also don't even know what those figures will end up being they could change within the hour and. if you hate the tight feeling around your waist after eating then stovetop has got a new solution for you bianca won't explain that sure so for twenty dollars the company responsible for supplying stuffing for countless thanksgiving meals is selling a special pair of sweatpants that has the stove top logo and the waistband even has images of stuffing printed on them sounds strange and gimmicky but never underestimate the power of a good gimmick those pants are already sold out for week ahead of the holiday. so and are unfortunately you and i will not be wearing those panties five pound i definitely won't be wearing those no no no you know the bottom line is every time
they come up with a new gimmick like this it seems to sell like hotcakes around the holiday time so people will be filling up filling out in the stretchy things thanks for watching to be sure to catch boom bust on direct t.v. channel three twenty one or on you tube youtube dot com back flash boom bust r g m bart chilton thanks for watching see you next time. i .
here's what people have been saying about redacted a night with us is a full on awesome the only show i go out of my way to find you know what it is that really packs a punch. yampa is the john oliver of r t america is doing the same we are apparently better than booth at that and see people you never heard of love right back to the night not the president of the world bank though a. seriously send us an e-mail. it's the cradle of jazz. we. know this just feel. a city of climatic. alligators on the loose of poverty and crime are used by the least swell members
the mom found close most. of street racing in that piece of the night this is. the best place in the world. morning to the department of justice r t the channel you're watching now is an agent of before and even hostile power all the while the d.o.j. refuses to explain why this is the case critics warn party is a test case for a wider campaign of media suppression. scene years ago i traveled across the united states exploring america's deadly love affair with a gun if a bad guy tried to get to one of my family members he would have better live better and i think they are inheriting whatever my my baby's says my book was published in the year two thousand more than hoff
a million americans have been killed by forums in the us how to saute me as i did this is a middle school we go through drills and we cut ourselves some real scenarios it was interesting to see who actually got hit. and i just saw i did to return to the subject to track down each gun owner who i'd met and photographed those years you god i don't know this but we are not. whenever you believe russian product you are not just get a good quality. for the little bit of work such as we.
look for special. russian lawmakers voted in favor of giving more power. to those. in the united states. in response to washington's actions. global press freedom. on the treatment of parties. also had the. volunteers attempting to help refugees crossing international borders are being treated as criminals. we hear from one humanitarian aid worker who fell. out of a humanitarian.